While the sports world has been jampacked with excitement (good and bad), the market hasn't given investors a ton to cheer about this week.
Tiger Woods started off the week with a thrilling U.S. Open playoff victory over Rocco Mediate. The fact that the two were even in a dogfight for the championship was amazing, considering Mediate's ranking coming into the match.
Woods, who was playing on a bum knee, worked through the pain while it was obvious he was at less than 100%. His shots off the tee were going every which way. However, after the victory, Tiger announced he was going to the sidelines for many months due to a torn ACL and fractures in his leg.
On the hardwood, the "Boston Three Party," as they're known on ESPN, wrapped up an NBA championship by downing the Lakers in six games. The final game was a blowout as the Celtics sent Kobe Bryant and the Lakers packing.
Fans in New England are anxiously awaiting the celebratory parade, which is slated for 11 a.m. today.
And, on the diamond, the New York Mets became the first team this season to fire its coach. Willie Randolph, who said he was stunned by the move because he believed General Manager Omar Minaya was planning to ax some of this coaches, was fired in the middle of the night on Monday.
The $138 million-payroll Mets were below .500 with Randolph at the helm this season and greatly underachieving. Managing is not an easy job, but I never felt Randolph was the right fit for the Mets. To me, he will always be a Yankee.
With all this going on in the sports world, investors didn't have much to cheer about this week. However, it's important not to lose focus.
turned in a weak outlook yesterday, which can be particularly disturbing to some because the company and fellow shipper
are seen by many as bellwethers for the economy.
The investment banks also checked in this week and it was not pretty.
beat Wall Street's expectations, but that isn't saying much. Expectations were way down. The company's profit fell 60% from last year.
Regular readers of my column may remember that I picked MS in mid-May and that it has gone down since. However, I'm sticking with the pick. We have averaged down and put ourselves in prime position for when the stock bounces back.
also reported -- Lehman said it lost $3 billion and Goldman easily beat estimates.
While recent news is important, it is one piece of a larger puzzle. Remember, we look for good companies that Wall Street has beaten up unfairly. And by that I mean finding a company that is undervalued. Wall Street may have rightfully taken a stock way down, but if it takes it down too far, that's when we pounce.
It's important to remember that investing sometimes requires many of the skills employed in sports. You need to have a keen eye ... for picking the right stocks. You need to stay patient and wait for your pitch ... or in the market, your price. And you need to be prepared, do your homework.
And lastly, you need to go full speed, or go home. You can't be lazy or take short-cuts. If you are going to do the trading yourself, you need to pay attention, follow the rules, and stay on top of things.
For me, each and every one of my picks requires a ton of reading, studying and research. I also have built up knowledge on the companies I track because I have been following many of them for some time.
It's a process I have developed, and it's one that has worked well for me. Keep an eye out for my exclusive deep-in-the-money picks three days a week
Life is a journey, enjoy the ride.